Chemical Works Of Gedeon Richter Plc · BET:RICHTER
Chemical Works Of Gedeon Richter — Gedeon Richter — Q4 2024 Earnings Presentation
39 slides from Chemical Works Of Gedeon Richter's earnings presentation, Feb 28, 2025
Slide 1: Gedeon Richter Q4/FY2024 Earnings Report
Gedeon Richter Q4/FY2024 Earnings Report 28 February 2025
Slide 2: 2024 highlights – a record year with outstanding cash flow
2024 highlights – a record year with outstanding cash flow Pharma Revenues (CER*) 2024 CER revenue growth +10%, at low end of guidance EUR 2.15-2.25bn guidance (FX tailwind was 3.1ppt due to the weaker HUF) to grow „low-to-mid-teens”% 2024 2024 CER Clean EBIT at EUR 712mn (+15%) slightly below Clean
Slide 3: Financial and operational highlights
Financial and operational highlights Financial highlights • Pharma revenues grew by 9% to HUF 218bn in Q4 2024, bringing 2024 pharma revenues to HUF 845bn (EUR 2.14bn), up 13% YoY • CER (ex-FX) revenue growth was 10% in 2024, at the low end of the guidance range; the weaker HUF provided 3.1ppt tailw
Slide 4: Access to health: a remarkable year across all segments
Access to health: a remarkable year across all segments Women’s Healthcare CNS ❑ New original R&D hub – Richter’s own gynecological ❑ New AbbVie R&D collaboration – to advance novel targets original preclinical research was established in 2024 for the potential treatment of neuropsychiatric conditio
Slide 5: GHG emissions: further down; aligning targets with SBTi
GHG emissions: further down; aligning targets with SBTi Richter carbon footprint in Hungary (Scope 1-2-3, kt CO2eq/year) Key Environmental messages • In 2024, we laid the foundations for aligning the Group’s -3.5% -4.6% +1.3% carbon footprint targets and calculation methodology with the 236 228 220
Slide 6: Financial Highlights
Financial Highlights G) =
Slide 7: Pharmaceutical revenues (ex-FX) rose by 10% in 2024
Pharmaceutical revenues (ex-FX) rose by 10% in 2024 Pharmaceutical Revenues, cumulative (HUF bn, EUR mn) Pharmaceutical Revenues by region (HUF bn) +13.0% +9.9% Western Europe 135.2 156.2 844.8 821.4 2,163 Central Europe 148.3 747.4 174.3 Eastern Europe 164.5 172.9 North America 221.2 255.3 Asia & P
Slide 8: Robust growth across segments with some slowing in H2
Robust growth across segments with some slowing in H2 WHC Revenues GM Revenues Key messages +11.9% +9.5% +10.5% +8.7% • WHC sales growth slowed in Q4 due to shipment schedules (earlier pre-shipments in APAC) and a 286.2 279.9 250.7 246.5 high base. FY 2024 revenues were up 10% ex- 255.7 226.9 FX (an
Slide 9: Sharply higher opex in Q4, partly related to acquired assets, FX
Sharply higher opex in Q4, partly related to acquired assets, FX Operating costs as a % of Pharma revenues (%) Operating expenses (pharma) (HUFbn) Ex-M&A, ex-FX the increase in 40 +36.1% Q4 would have 34 36 been 17% YoY 35 31 32 31 31 31 90.5 29 30 30 30 30 28 76.9 74.7 16.3 25 23 23 73.8 21 20 20 2
Slide 10: Clean EBIT (ex-FX) increased by 15% in 2024
Clean EBIT (ex-FX) increased by 15% in 2024 Pharmaceutical Clean EBIT, cumulative (HUF bn, EUR mn) Key messages +18.3% +15.0% • Clean EBIT (pharma) rose by 18% YoY in 2024 to HUF 280bn, while Q4 Clean EBIT reached HUF 71bn (+19%YoY) 279.7 707 271.9 • Significant milestone income of HUF 15bn (mostly
Slide 11: Below-the-line: net profit (+51%) strongly up in 2024
Below-the-line: net profit (+51%) strongly up in 2024 Net Profit in 2024, below-Clean EBIT items (HUF bn) 280.2 6.8 6.7 7.0 Includes taxes calculated in line with 19.0 Global Minimum Tax; Q4 included a 12.8 HUF 5.7bn „technical” item (offset by 261.2 41.6 same amount in „Other income”) Includes HUF
Slide 12: Very strong cash generation in Q4; net cash back to year-ago level
Very strong cash generation in Q4; net cash back to year-ago level Free Cash Flow in 2024 (HUF bn) Key messages A further decline in NWC in Q4 (HUF 7.8bn) moderated the annual increase Application of Cash Flow • Free Cash Flow was outstanding in Q4 at 301.9 HUF 80bn, bringing the full-year 2024 FCF
Slide 13: 2025 guidance and outlook
2025 guidance and outlook Pharma Revenues (CER*) All segments to grow double-digit, but CNS around +10% guidance (EUR 2.3-2.4bn) 2025 ▪ Significantly lower milestone income in 2025 vs 2024 Clean EBIT (CER*) around +10% ▪ R&D-to-sales to stay around 12% in 2025 ▪ Modified „Clean EBIT” methodology***
Slide 14: Research and Development
Research and Development R&D 14 14
Slide 15: R&D pipeline – changes during Q4 2024
R&D pipeline – changes during Q4 2024 Market Preclinical phase Clinical phase Regulatory & Launch Phase 1 Phase 2 Phase 3 Own Technology Development Clinical phase Neuropsychiatry Biotechnology Women’s Healthcare Own RSL* General Medicines new discontinued License 15 * Ready-to-Sell Licensed pipelin
Slide 16: Major developments in R&D in Q4 2024
R&D Major developments in R&D in Q4 2024 • Currently there are 2 projects in mid- to late-preclinical phase and some compounds are planned to be forwarded to IND WHC enabling studies. CSF-1R compound is targeting two indications, women oncology indications and causal endometriosis treatment Women’s
Slide 17: Neuropsychiatry
Neuropsychiatry CNS 17 17
Slide 18: CNS profits were boosted by milestone income in Q4
CNS CNS profits were boosted by milestone income in Q4 CNS | HUF mn Q4 2023 Q4 2024 Ch. % YoY FY 2023 FY 2024 Ch. % Revenue (HUFbn) YoY Revenues 61 111 68 305 12 205 662 242 749 18 +18.0% +11.8% Cost of Sales -455 -290 -36 -1 249 -1 392 11 Gross Profit 60 656 68 015 12 204 413 241 357 18 68.3 242.7
Slide 19: Vraylar and Reagila revenues continue to grow double-digit
CNS Vraylar and Reagila revenues continue to grow double-digit Vraylar® Key messages +11.7% +17.7% • Royalty income from Vraylar® in Q4 2024 exceeded HUF 65bn, up nearly 12% YoY 65.1 229.0 61.7 58.3 52.8 194.6 • In 2024, total Vraylar royalty revenue was 49.4 HUF 229bn, close to 18% growth YoY 138.2
Slide 20: Women’s Healthcare
Women’s Healthcare WHC 20 20
Slide 21: M&A-related jump in R&D expenses wiped out Q4 profits
WHC M&A-related jump in R&D expenses wiped out Q4 profits WHC | HUF mn Q4 2023 Q4 2024 Ch. % YoY FY 2023 FY 2024 Ch. % YoY Revenue (HUFbn) Revenues 63 740 69 092 8 255 673 286 218 12 Cost of Sales -26 153 -23 242 -11 -86 348 -92 889 8 +11.9% +8.4% Gross Profit 37 587 45 850 22 169 325 193 329 14 Gro
Slide 22: Highlighted brands: EVRA up double-digit; Bemfola on the way of recovery
WHC Highlighted brands | EVRA up double-digit; Bemfola on the way of recovery Bemfola® Key messages -18.7% -18.3% • Bemfola® sales are on their way of 5.3 5.3 21.6 22.0 recovery from the supply chain challenges 4.1 4.1 4.3 17.9 experienced earlier in 2024 in certain territories • Apart from Bemfola®
Slide 23: Highlighted brands: Ryeqo and Drovelis keep very strong momentum
WHC Highlighted brands | Ryeqo and Drovelis keep very strong momentum Key messages Ryeqo® • Ryeqo® saw strong progress in Uterine +157.9% +124.8% Fibroids (UF) sales, adding significant number of patients with Endometriosis 5.5 16.9 indication across EU markets 4.4 3.9 • 60,000 treated patients thre
Slide 24: Biotechnology
Biotechnology BIO 24 24
Slide 25: Narrowing EBIT losses with a temporarily weaker Q4
BIO Narrowing EBIT losses with a temporarily weaker Q4 BIO | HUF mn Q4 2023 Q4 2024 Ch. % YoY FY 2023 FY 2024 Ch. % YoY Revenue (HUFbn) Revenues 13 394 13 290 -1 46 201 54 014 17 +16.9% -0.8% Cost of Sales -8 917 -8 916 0 -29 419 -33 357 13 Gross Profit 4 477 4 374 -2 16 782 20 657 23 15.1 14.2 54.0
Slide 26: Both CDMO and teriparatide revenues continued double-digit growth
BIO Both CDMO and teriparatide revenues continued double-digit growth Teriparatide Key messages +23.3% +22.9% • Teriparatide biosimilar (incl. Terrosa®) revenues increased significantly in 2024 YoY 7.0 7.3 7.1 27.5 (+23%) on the back of: 6.1 22.4 5.8 20.9 • Moderating, but still remarkable growth an
Slide 27: General Medicines
General Medicines GM 27 27
Slide 28: Double-digit revenue growth, multiple new launches, higher costs
GM Double-digit revenue growth, multiple new launches, higher costs GM | HUF mn Q4 2023 Q4 2024 Ch. % YoY FY 2023 FY 2024 Ch. % YoY Revenue (HUFbn) Revenues 58 591 64 519 10 226 888 250 712 11 +10.1% +10.5% Cost of Sales -32 316 -33 236 3 -105 142 -120 525 15 Gross Profit 26 275 31 283 19 121 746 13
Slide 29: Visible growth in 2024 across all key TAs, led by NOAC launches
GM Visible growth in 2024 across all key TAs, led by NOAC launches Total GenMed revenues by therapeutic areas (quarterly, HUF bn) Key messages +10.1% • Cardiovascular dominance: the cardiovascular segment 63 65 65 remains a foundational strength for GenMed, continuing to Other GenMed 59 58 7 7 drive
Slide 30: Appendix
Appendix 30 30
Slide 31: Positive net financial results for the full year in 2024
Positive net financial results for the full year in 2024 2024 2023 Q4 2024 Q4 2023 Diff Q4 Diff 24 vs 23 2.3 -2.9 2.8 8.8 -5.9 5.2 Unrealised exchange (loss)/gain 10.6 -41.4 8.2 -14.7 22.9 52.0 Realised exchange (loss)/gain -2.1 6.3 Result of realised & unrealised -1.8 1.0 -2.8 -8.4 forward exchange
Slide 32: Business units’ P&L in 2024
Business units’ P&L in 2024 Pharma Pharma FY 2024 WHC CNS BIO GM Other Eliminations Group total other total Revenues 286.2 242.7 54.0 250.7 11.1 844.8 25.0 -12.2 857.5 Cost of Sales -92.9 -1.4 -33.4 -120.5 -10.8 -259.0 -19.5 11.7 -266.8 Gross Profit 193.3 241.4 20.7 130.2 0.3 585.8 5.4 -0.5 590.7 Sa
Slide 33: Strategic positioning and vision of the business units
Strategic positioning and vision of the business units Pharma | Pharmaceuticals segment Name of the Business Units Brief description Key strategic goal Therapeutic areas Leveraging our world class early phase R&D capability Maximize the potential of cariprazine, while developing in the central nervo
Slide 34: Consolidated Income Statement
Consolidated Income Statement FY 2024 FY 2023 Change Consolidated P&L HUFm HUFm % Revenues 857 545 805 158 6.5% of which royalty 236 591 199 304 18.7% Cost of Sales (266 807) (283 834) -6.0% Gross Profit 590 738 521 324 13.3% Sales & marketing expenses (163 808) (146 047) 12.2% General & administrat
Slide 35: Consolidated Balance Sheet - ASSETS
Consolidated Balance Sheet - ASSETS 30 Dec 2024 31 Dec 2023 Change Consolidated Balance Sheet HUFm HUFm % ASSETS 1 602 991 1 361 217 17.8% Non-current assets 961 934 826 304 16.4% Property, plant and equipment 378 860 347 394 9.1% Investment property - - - Goodwill 38 777 31 903 21.5% Other intangib
Slide 36: Consolidated Balance Sheet - EQUITY AND LIABILITIES
Consolidated Balance Sheet - EQUITY AND LIABILITIES 30 Dec 2024 31 Dec 2023 Change Consolidated Balance Sheet HUFm HUFm % EQUITY AND LIABILITIES 1 602 991 1 361 217 17.8% Capital and reserves 1 303 862 1 142 581 14.1% Share capital 18 638 18 638 0.0% Treasury shares (33 852) (29 982) 12.9% Share pre
Slide 37: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement FY 2023 FY 2024 Change Consolidated cash flow adjusted HUFm HUFm % Operating activities Profit before income tax 281 077 171 540 63,9% Depreciation and amortisation 49 521 50 808 -2,5% Non cash items 4 180 5 405 -22,7% Net interest and dividend income (5 692) (11 155
Slide 38: Contacts and financial calendar
Contacts Financial calendar Company name: Gedeon Richter Plc. | 5 March 2025 – Capital Markets Day Sector: Pharmaceutical | 29 April 2025 – AGM Company address: 1103 Budapest, Gyömrői út 19-21., Hungary | 14 May 2025 – Q1 2025 results Telephone: +36 1 431 5764 | 6 August 2025 – Q2/H1 2025 results |
Slide 39: Disclaimer
Disclaimer This presentation may contain forward-looking statements, that may include, but are not limited to, those regarding capital, investment, cash flows, demand, earnings, efficiency, production, profits. These forward-looking statements are subject to risks, uncertainties, and other factors,